Tag Archives: IRS Debt

The Fight Over the IRS Decision to Allow Private Collection Agencies to Access Tax Records

Taxpayers have long taken solace in the knowledge that the IRS would never conduct cold calls in the interest of collecting on tax debt. All that is about to change, with a recent IRS decision paving the way for interference from private firms. This decision represents a huge departure from the previous IRS policy, which […]

Should You Pay Down Your IRS Debt Or Your Credit Cards First?

Many households deal with major debt, which usually comes from multiple sources. According to the snowball theory, it’s best to focus on — and conquer — the most problematic debt before moving on to other financial concerns. Often, financial experts recommend resolving credit card debt first. After all, many credit cards carry notoriously high-interest rates, […]

Owe Money to the IRS? Do These 3 Things in January 2020

January might seem like an odd time to tackle IRS debt, but it’s only understandable to want to start the new year with a clean slate. Thankfully, it’s not too late to get your debt situation under control. Get Started on Your Offer in Compromise Depending on your situation, an IRS offer in compromise could […]

Beware These Too-Good-To-Be-True Solutions to IRS Debt

From dieting to debt, it’s only natural to seek the easiest and most pain-free solution possible. In both situations, however, easy is rarely effective. Unfortunately, scammers in multiple industries prey on the desperate in hopes of making a quick buck — and tax resolution is no exception. With a little awareness, you can avoid the […]

The Many Ways You Can Deal With IRS Debt

IRS debt can be a huge burden, but thankfully, there are many available approaches for dealing with this stressful ordeal. The following are a few of your best options for resolving your debt issues: Set Up an Installment Plan A top approach to resolving IRS debt, a standard installment plan allows you to pay off […]

How Does a Divorcing Couple Split Up Their IRS Debt?

Dividing property in a divorce is difficult enough as is, but dealing with shared IRS debt can be a nightmare. Whether you resolve these issues in mediation or in court, you’re bound to find this process frustrating. The better you understand the role IRS debt plays in your divorce, the easier you’ll find it to […]

How to Explain Your IRS Debt Situation to Loved Ones

Are you seriously behind on your taxes? It takes a certain vulnerability to ‘come out’ to loved ones, but the reward could be well worth that brief moment of discomfort. Your friends and family members may be more understanding than you suspect; at least a few have likely dealt with tax issues of their own—and […]

Delinquent on Your IRS Debt? You Could Lose Your Passport Now!

On January 1, 2018, the IRS started implementing a new law that affects taxpayers’ passports: Section 7345 of the Internal Revenue Code allows the State Department to withdraw or refuse to issue a passport for individuals with seriously delinquent taxes. If you’re behind on your payments, here’s what you need to know. Seriously Delinquent Tax […]

How IRS Debt Affects Credit— And What You Can Do

If the IRS audits you and finds you underpaid your taxes, the taxes themselves (along with any penalties and fees) don’t immediately impact your credit score, but how you pay that debt can cause those numbers to drop. How much you owe and how you choose to pay both impact your ability to borrow money […]

How DMX Racked Up $1.7 Million In IRS Tax Debt And What Happens Next

“Every time I turn around, cats got they hands out wanting something from me. I ain’t got it, so you can’t get it.” These lyrics from rapper DMX’s 2003 hit “X Gon’ Give It to Ya” describe his scrappy rise to fame, but earlier this year, New York’s acting U.S. district attorney Joon Kim connected […]